Prosus Ventures, Accel, and Alpha Wave Global co-led Virgio’s Series A fundraising round, which saw the startup fashion tech company collect US $37 million. Virgio is situated in India. The money will be used for recruiting and additional technological advancement.
Amar Nagaram, the former CEO of Myntra, founded Virgio this year with the goal of creating an international fashion brand in India. It claimed that in order to provide its real-time fashion offering, technology is used across the design, production, and purchasing processes.
“At the core of Virgio is the tech foundation, which is always listening to evolving trends on social media platforms and predicting the demand for each trend,” said Nagaram.
The supply chain is then updated with the data to produce new apparel lines. The business claimed that “Virgio’s model has compressed the eight to 10-month lead time to just one month.” Over 100,000 people have downloaded the app thus far.
The startup also says it is working on sustainable methods to alleviate fast fashion’s waste problems.
